NEW YORK, July 2, 2026, 14:01 EDT
- MARA dropped 8.4% to $12.25 in early afternoon, while bitcoin added 2.5%. The iShares Bitcoin Trust Beneficial Interest NASDAQ:IBIT was up 2.8%.
- A market data calculation values MARA’s equity at about $1.97 billion, or about $426 million less than where it closed on Wednesday. That puts it above the company’s last reported bitcoin and cash base.
- Riot Platforms NASDAQ:RIOT, CleanSpark NASDAQ:CLSK, IREN NASDAQ:IREN and Core Scientific NASDAQ:CORZ all dropped between 9% and 11%, underperforming Invesco QQQ Trust Series 1 NASDAQ:QQQ.
- Nasdaq says U.S. stock markets will be shut on Friday, July 3, for the Independence Day holiday.
MARA Holdings, Inc. NASDAQ:MARA fell Thursday while bitcoin moved up. The split made the stock more tied to miner and data-center risk instead of tracking the coin directly.
Shares fell 8.4% to $12.25. The stock hit $14.08 earlier, leaving it down 13.0% from the session high. About 33.7 million shares traded, with the most recent trade posted at 17:46 UTC, around 1:46 p.m. New York time.
Bitcoin traded at $61,621, up 2.5%. IBIT, which tracks spot bitcoin, added 2.8%. QQQ, the tech-heavy ETF, dropped 2.3%. MARA fell in line with the other miners, instead of tracking bitcoin itself.
| Asset | Early-afternoon move | Price |
|---|---|---|
| MARA Holdings NASDAQ:MARA | dropped 8.4% | $12.25 |
| Bitcoin | added 2.5% | $61,621 |
| iShares Bitcoin Trust NASDAQ:IBIT | climbed 2.8% | $34.95 |
| Invesco QQQ Trust NASDAQ:QQQ | fell 2.3% | $708.79 |
Miners took a hit across the board. Riot dropped 9.3%, while CleanSpark gave up 9.1%. IREN was down 10.8%. Core Scientific sank 10.9%. The market made it clear: gains in bitcoin just didn’t help.
| Company | Ticker | Move | Market value |
|---|---|---|---|
| Riot Platforms | NASDAQ:RIOT | -9.3% | $7.56 bln |
| CleanSpark | NASDAQ:CLSK | -9.1% | $2.83 bln |
| IREN | NASDAQ:IREN | -10.8% | $12.90 bln |
| Core Scientific | NASDAQ:CORZ | -10.9% | $6.83 bln |
The numbers make the difference clear. MARA had 35,303 bitcoin and $513.7 million in cash and equivalents as of March 31. At Thursday’s price, that bitcoin alone was worth around $2.18 billion. Adding the cash brings MARA’s last reported bitcoin-and-cash pile to about $2.69 billion. MARA’s market cap was $4.66 billion.
| MARA reserve calculation | Amount |
|---|---|
| Bitcoin on hand as of March 31 | 35,303 BTC |
| Worth at $61,621 per BTC | $2.18 bln |
| Cash and equivalents on March 31 | $513.7 mln |
| Total BTC and cash | $2.69 bln |
| Market cap now | $4.66 bln |
| Equity premium over BTC and cash | $1.97 bln |
The market values the mining fleet, power assets, and the AI/high-performance-computing initiative at around $1.97 billion before factoring in debt or any changes in bitcoin holdings, cash, or shares since March. Using the same number of shares, the figure was about $2.40 billion based on Wednesday’s close. The stock’s drop on Thursday erased around $426 million from that total.
MARA’s underlying operating numbers have become less clear. For Q1, the company mined 2,247 BTC, sold 20,880 BTC at an average $70,137, and reported its purchased energy cost per bitcoin at owned sites jumped to $40,047 from $35,728 last year. Net loss for the quarter was $1.3 billion, with $1.0 billion of that from the fair value of its digital assets.
The company has been shifting bitcoin into balance-sheet and power assets. It said it sold around $1.5 billion in bitcoin last quarter, then used the proceeds to buy back over $1 billion worth of 2030 and 2031 notes and trimmed its credit line by $200 million. The company said it plans to keep selling bitcoin as needed to support liquidity, capital spending or other uses.
MARA is making a bigger move into energy and data centers. The company is set to acquire Long Ridge Energy & Power from FTAI Infrastructure NASDAQ:FIP for about $1.5 billion, debt included. Long Ridge runs a gas-fired power facility in Hannibal, Ohio, and controls over 1,600 acres that MARA wants for a planned data-center campus. “All the key components for us, for the ideal data center campus,” Chief Executive Fred Thiel told Reuters. Reuters
Barron’s reported in March that Thiel called the bitcoin sale a move that “enhances financial flexibility” for MARA as it moves into digital energy and AI/HPC infrastructure, rather than sticking to only bitcoin mining. Barron’s
The Friday market holiday brings another short-term risk. MARA won’t trade on Nasdaq July 3, but bitcoin will keep trading through the long weekend. That leaves MARA exposed to any crypto price moves before U.S. stocks open again.
